Dedicated estate Planning attorneys assisting clients with all of their estate planning needs in Arlington Heights, Libertyville, Itasca, Cary, Chicago and Lake County.
Unfortunately, everything you have acquired through hard work and dedication can only be enjoyed while here on earth. Since you cannot take anything with you, you want to have a plan for what happens to your belongings after you die. Although it is difficult to think about the inevitable, you should speak with an experienced attorney today regarding your estate plan. A pour over will is part of a trust package offered by Newland & Newland, LLP.
The best time to plan for the future is now. The purpose of an estate plan is to determine how your assets will be divided. There are certain estate planning tools that are most effective when used in combination with each other. One such tool is a pour over will.
Understanding a Pour Over Will
A pour over will is an estate planning tool that protects you or your loved one’s property that is not accounted for in a will. Pour over wills in the state of Illinois work in combination with a revocable living trust. The ultimate effect is that any assets which are not accounted for will be distributed according to the terms set forth in your living trust.
Newland & Newland, LLP: Your Libertyville Estate Planning Attorneys
The main purpose of an estate plan is to create a plan for the transfer of your assets after you pass away. To ensure your pour over will is effective and protects your assets as intended, you should speak with an experienced attorney at Newland & Newland, LLP. Our attorneys are experienced and equipped to handle the unique circumstances in your case. Our attorneys will be happy to sit with you to go over your circumstances and draft or review your living trust and pour over will.
Arlington Heights Estate Tax Attorneys
One of the benefits associated with a revocable living trust is it avoids income taxes and estate taxes. Individuals who have only a will do not enjoy the same benefits. The benefit of a pour over will is that individuals will also enjoy tax free transfer of those assets that transfer into the revocable trust upon death. The reality is that everyone pays a lot of money in taxes throughout their lives. We want to create a plan so that your loved ones do not have to pay more for items already paid for.
Contact Newland & Newland, LLP for your Estate Planning Needs
Advanced planning is the best way to ensure that your financial interests are being protected. After working so hard to build your financial wealth, you need to ensure that your hard work benefits your family after you pass away.
Estate planning considerations should not be taken lightly. They require diligent representation and patience to ensure that your wishes will be carried out in the event you are involved in a life threatening accident, experience an illness, or pass away. Our attorneys will take the time to ensure that you are certain of your wishes and understand any potential consequences of a decision when signing a healthcare power of attorney. For personalized representation, contact an attorney at Newland & Newland, LLP.